On-line interactive system and method for transacting business

ABSTRACT

The present invention includes a method for transacting business over a network between multiple buyers and sellers. In an exemplary embodiment, the invention operates within an improved extranet system which is a secure, limited access network which operates within the larger public packet switched network (Internet) and allows only registered buyers and sellers to access the website while the system communicates with, and takes advantage of, existing credit, billing, collection, clearinghouse, insurance, transportation, tracking and banking systems. The interactive database includes real-time information in connection with a transaction, where the buyer submits a request for product and the request for the product locks out the requested product from selection by any other buyers.

CROSS REFERENCE TO RELATED APPLICATIONS

This application is a continuation of, and claims the benefit of andpriority to, U.S. patent application Ser. No. 11/097,491, entitled“ON-LINE INTERACTIVE SYSTEM AND METHOD FOR TRANSACTING BUSINESS” andfiled on Apr. 1, 2005, which itself claims the benefit of and priorityto U.S. patent application Ser. No. 09/610,772 (U.S. Pat. No. 6,934,692,which issued Aug. 23, 2005), entitled “ON-LINE INTERACTIVE SYSTEM ANDMETHOD FOR TRANSACTING BUSINESS” and filed Jul. 6, 2000, which itselfclaims priority to U.S. Provisional Application Ser. No. 60/142,359,filed Jul. 6, 1999.

TECHNICAL FIELD

The invention generally relates to a method for transacting businessover a network, and more particularly, to a method which allows multiplebuyers and sellers to transact business using an improved extranetsystem which organizes and utilizes clearinghouse, credit, shipping,transportation, and banking networks.

BACKGROUND OF THE INVENTION

Many companies and individuals use various methods for transactingbusiness over the Internet. Using the Internet to transact businessprovides a fast, efficient, and convenient means for the various partiesto interact in an on-line environment. Generally, a seller offersproducts (goods, services, information or the like) on a website whichis viewed by a buyer. If the buyer wishes to purchase the product, thebuyer supplies a credit card number or other form of payment or creditto the seller. However, the seller then often is required to verify thatthe buyer's credit card account is authorized, bill for the product,collect the amount owed, arrange for transportation, obtain insurance onthe goods shipment and track the shipment of the goods. Additionally,when the buyer uses its credit line to purchase the goods, the buyer'scredit line is depleted until the buyer supplies payment for the goodsor cancels the order. Oftentimes, the buyer or seller needs to find afinancial institution to be involved in the transaction process.Moreover, for the parties involved, determining supply and demand whilemaintaining an appropriate inventory of goods is difficult. As such,buyers and sellers have encountered large expenses in, for example,storage fees, inventory costs, and disposal fees, especially in theperishable goods industry.

One example of a perishable goods industry is the seafood industry.Typically, a seller receives inventory and contacts the buyer in orderto make a sale. Once the transaction is negotiated, the product isdelivered to the buyer. The seller, however, usually waits 30-120 daysafter delivery to receive payment for the goods. As such, the seller'smoney may remain tied up in delivered inventory until (if ever) paymentis finally made by the buyer. In addition, poor transportation planning,data storage and retrieval, and communication have resulted in a wasteof substantial amounts of time and money, which ultimately has adetrimental effect on the seafood distributors and the ultimateconsumer. For example, current industry practice typically allows forfrequent glut/shortage scenarios, where large unsold supplies in onearea and unavoidable boom or bust catches of fishermen results in lowprices for the fishermen and high prices and decreased quality (e.g.,from storage and/or freezing) to the ultimate consumer. Thus, a methodand system for efficient supply, demand, delivery and payment ofperishable goods is needed to more evenly distribute the benefits andburdens of the impacted industry.

SUMMARY OF AN EXEMPLARY EMBODIMENT

The present invention includes a method for transacting business over anetwork between multiple buyers and sellers. In an exemplary embodiment,the invention operates within an improved extranet system which is asecure, limited access network which operates within the larger publicpacket switched network (Internet) and allows only registered buyers andsellers to access the website while the system communicates with, andtakes advantage of, existing credit, billing, collection, clearinghouse,insurance, transportation, tracking and banking systems. The interactivedatabase includes real-time information in connection with atransaction, where the buyer submits a request for product and therequest for the product locks out the requested product from selectionby any other buyers.

The buyer information and purchase data is routed to a clearinghouse,which either approves or rejects the request based on the buyer'spre-existing profile and credit information. If the clearinghouseaccepts the request, the shipper, buyer, and/or seller are notified. Ifthe clearinghouse rejects the request, then the requested product isreleased. Notifying the shipper, the buyer, and/or the seller includesspecifying pickup and delivery terms for the shipper, notifying thebuyer of the approval of the request and specifying the purchase terms,delivering a product to the buyer, generating a delivery confirmationand sending the delivery confirmation to the financial institution,collecting a payment from a financial institution, and eventuallydistributing the payment to at least one of the interactive database,the clearinghouse, and the seller.

BRIEF DESCRIPTION OF EXEMPLARY DRAWING FIGURES

The subject invention will hereinafter be described in the context ofthe appended drawing figures, wherein like numerals denote likeelements, and:

FIG. 1 illustrates an exemplary embodiment of various partiestransacting business over the Internet;

FIG. 2 illustrates a system for transacting business over the Internetin accordance with an exemplary embodiment of the present invention;

FIG. 3 illustrates a flowchart for obtaining access rights to aninteractive database in accordance with an exemplary embodiment of thepresent invention;

FIG. 4 illustrates a method for transacting business between a buyer anda seller using an interactive database in accordance with an exemplaryembodiment of the present invention;

FIG. 5 illustrates the continuation of the method for transactingbusiness between a buyer and a seller using the interactive database inFIG. 4 in accordance with an exemplary embodiment of the presentinvention;

FIG. 6 illustrates a web page that the buyer and/or seller may encounterin attempting to access an interactive database in accordance with anexemplary embodiment of the present invention;

FIG. 7 illustrates a web page where the buyer may enter the type ofseafood desired, make an individual selection or multiple selections,and purchase the desired seafood in accordance with an exemplaryembodiment of the present invention;

FIG. 8 illustrates a web page that the buyer and/or seller may encounterin selecting one or more products in accordance with an exemplaryembodiment of the present invention;

FIG. 9 illustrates a web page including purchase order, shipping, andfee information in accordance with an exemplary embodiment of thepresent invention;

FIG. 10 illustrates a web page including inventory that has been updatedto reflect the buyer's confirmed choice for purchase in FIG. 9 inaccordance with an exemplary embodiment of the present invention;

FIG. 11 illustrates a system including an exemplary transaction betweena seller and a buyer using an extranet in accordance with an exemplaryembodiment of the present invention; and

FIG. 12 illustrates a process flow diagram in accordance with anexemplary embodiment of the present invention.

DETAILED DESCRIPTION

In general, the present invention includes a unique method fortransacting business over a network between multiple buyers and sellers.The system communicates with, and takes advantage of, existing credit,billing, collection, clearinghouse, insurance, transportation, trackingand banking systems to increase the distribution and financial processfor buyers and sellers. The interactive database includes real-timeinformation in connection with a transaction, where the buyer submits arequest for product and the request for the product locks out therequested product from selection by any other buyers. One skilled in theart will appreciate that product may include goods, services,information, digital data and/or the like. The buyer information andpurchase data are routed to a clearinghouse, which either approves orrejects the request based on, for example, the buyer's pre-existingprofile, order history, inspection information, credit informationand/or the like. If the clearinghouse accepts the request, the shipper,buyer, and/or seller are notified. If the clearinghouse rejects therequest, then the requested product is released. Notifying the shipper,the buyer, and/or the seller includes specifying pickup and deliveryterms for the shipper, notifying the buyer of the approval of therequest and specifying the purchase terms, delivering a product to thebuyer, generating a delivery confirmation and sending the deliveryconfirmation to the financial institution, collecting a payment from afinancial institution, and eventually distributing the payment to atleast one of the interactive database, the clearinghouse, and theseller.

In an exemplary embodiment, the present invention operates within animproved extranet system which is a secure, limited access network whichoperates within the larger public packet switched network (Internet) andallows only registered buyers and sellers to access the website. Incontrast to many websites on the Internet which allow anyone to enterthe website, use its functions or order products, extranet systemsprovide limited access to website functionality by requiring, forexample, pre-registration and password entry. For example, one buyer(e.g., General Motors) may be involved in an extranet system withmultiple suppliers (e.g., steel, glass, plastics, electronics, paint,rubber, etc.) and the buyer can request just in time needs to suppliersfor production and shipment. Another version of an extranet systeminvolves multiple sellers and buyers, wherein the sellers advertiseproducts for sale on a bulletin board or auction format. The seller thencan sell its products to, for example, all buyers, the first buyer, orthe highest bidder. However, this system often requires the sellers toapprove the buyer's credit, bill for products, engage in collectionactivities, arrange for transportation and track the shipment of thegoods. Additionally, these sites are often limited to non-perishableproducts and materials because the inventory is not distributed in atimely manner. Furthermore, after the seller and buyer are matched,further negotiations are needed to establish terms of sale and otherdetails, thereby resulting in inefficient use of time with phone calls,emails and faxes.

The present invention enhances extranet functionality by substantiallyreducing the sellers and buyers actions in the purchasing process byproviding an integration of systems to maximize convenience andefficiency. In general, the present invention performs various functionsfor the sellers and buyers, thereby allowing real-time transactions. Forexample, the present invention pre-qualifies all participants, provideschanges in prices and products, provides databases and financialrelationships to assist in the collection and payment of funds within,for example, 2-10 days, and provides connections to transportationsystems to enhance the scheduling and tracking of products. In anexemplary embodiment, the present system communicates with a shipper's(e.g., Federal Express^(SM), and/or United Parcel Service^(SM)) systemand database to share its credit information, shipping information,tracking information, reporting functionality and banking relationships,thereby enhancing the functionality of the present invention. Because ofthe increased distribution and payment efficiencies, the presentinvention is well-suited for the distribution of perishable items, suchas seafood.

In an exemplary embodiment, the present invention collateralizes uponexisting banking relationships of the shippers to provide for efficientpayment and receipt of funds while minimizing currency exchange rateproblems. Many international shippers (e.g., Federal Express^(SM),United Parcel Service^(SM)) have established an international network ofbanking relationships such that the shipper has an account and networkedsystem with a bank in each industrialized country. Because it isdifficult for individual buyers or sellers to establish a bankingrelationship in numerous countries, the present invention collateralizesand takes advantage of the shipper's pre-existing network by, withrespect to FIG. 11, establishing a communication link betweeninteractive database 1107, through clearinghouse 1109, to the shippers'banks 1111 systems. Clearinghouse 1109 is any database, system, network,or combination thereof suitably configured to receive or transmit data,communicate with other networks or databases or analyze thequalifications of a member of the present system. Moreover,clearinghouse 1109 may be a separate system, incorporated into theinteractive database 213, 1107, incorporated into the shipper system207, 1108 or any combination thereof.

In particular, when the buyer orders product and the seller is notifiedthat sufficient funds exist, clearinghouse 1109 instructs the bank toput a hold on the buyer's payment in the same country where the buyer islocated. After the buyer receives and accepts the product by providingan electronic approval of the product shipment to the clearinghouse, theclearinghouse instructs the bank to release a portion of the buyer'sfunds/credit to the shipper's bank in the same country where the buyer'sbank is located. During the same time period, the clearinghouseinstructs the shipper's bank in the seller's country to release thepayment to the seller's account. Also during the same time period, theclearinghouse instructs the shipper's bank in the host's (host ofinteractive database 1107) country to release another portion of thebuyer's payment to an account of the host as a transaction fee.Optionally, any of shipper's banks may retain its own transaction fees.Because the money is being released in the respective countries and notbeing transferred between countries, the problems associated withexchange rates are minimized. Furthermore, because the shipper obtainsinterest on the float of the buyer's money, the transaction fee paymentto the host may be a portion of the interest earned, so the shipper andthe host benefit from the transaction. One skilled in the art willappreciate that full payment or any portion thereof may be released toany one of the aforementioned banks. Moreover, upon release of thebuyer's payment, the buyer is able to re-establish its line of credit,so that the buyer is able to purchase other goods without further delay.Similarly, if the buyer cancels the order or rejects the product, thehold on the buyer's payment (less any shipping or other incurredcharges) is removed, thereby allowing the buyer to more quicklyre-establish its line of credit.

The present invention may be described herein in terms of functionalblock components and various processing steps. It should be appreciatedthat such functional blocks may be realized by any number of hardwareand/or software components configured to perform the specifiedfunctions. For example, the present invention may employ variousintegrated circuit components, e.g., memory elements, processingelements, logic elements, look-up tables, and the like, which may carryout a variety of functions under the control of one or moremicroprocessors or other control devices. Similarly, the softwareelements of the present invention may be implemented with anyprogramming or scripting language such as C, C++, Java, COBOL,assembler, PERL, or the like, with the various algorithms beingimplemented with any combination of data structures, objects, processes,routines or other programming elements. Further, it should be noted thatthe present invention may employ any number of conventional techniquesfor data transmission, signaling, data processing, network control, andthe like.

It should be appreciated that the particular implementations shown anddescribed herein are illustrative of the invention and its best mode andare not intended to otherwise limit the scope of the present inventionin any way. Indeed, for the sake of brevity, conventional datanetworking, application development and other functional aspects of thesystems (and components of the individual operating components of thesystems) may not be described in detail herein. Furthermore, theconnecting lines shown in the various figures contained herein areintended to represent exemplary functional relationships and/or physicalcouplings between the various elements. It should be noted that manyalternative or additional functional relationships or physicalconnections may be present in a practical electronic transaction system.

To simplify the description of the exemplary embodiments, the inventionis frequently described as pertaining to a system of electronic commercerunning over the Internet. It will be appreciated, however, that manyapplications of the present invention could be formulated. One skilledin the art will appreciate that the network may include any system forexchanging data or transacting business, such as the Internet, anintranet, an extranet, WAN, LAN, satellite communications, and/or thelike. The users may interact with the system via any input device suchas a keyboard, mouse, kiosk, personal digital assistant, handheldcomputer (e.g., Palm Pilot®), cellular phone and/or the like. Similarly,the invention could be used in conjunction with any type of personalcomputer, network computer, workstation, minicomputer, mainframe, or thelike running any operating system such as any version of Windows,Windows NT, Windows2000, Windows 98, Windows 95, MacOS, OS/2, BeOS,Linux, UNIX, or the like. Moreover, although the invention is frequentlydescribed herein as being implemented with TCP/IP communicationsprotocols, it will be readily understood that the invention could alsobe implemented using IPX, Appletalk, IP-6, NetBIOS, OSI or any number ofexisting or future protocols. Moreover, while the exemplary embodimentwill be described as a system for sales and distribution of seafoodusing a specialized extranet, the system contemplates the use, sale ordistribution of any goods, services or information over any networkhaving similar functionality described herein.

More particularly, with respect to FIG. 1, various parties transactingbusiness over the Internet 113 are shown. The various parties include,for example, a first party 103, a second party 105, a third party 107, afourth party 109, and an nth party 111. For example, first party 103 maybe a buyer, second party 105 may be a seller, third party 107 may be afinancial institution, fourth party 109 may be a shipper, and so on. Thevarious parties may transact business with each other by using Internet113 as a means of communication. As is well known in the art, Internet113 is a compilation of networks that may communicate with one anotheror may include any system for exchanging data or transacting business,such as the Internet, an intranet, an extranet, WAN, LAN and/or thelike.

Referring now to FIG. 2, a system 201 for transacting business over theInternet is provided in accordance with an exemplary embodiment of thepresent invention. System 201 includes a first party 203, such as aseller of goods; a second party 205, such as a buyer of goods; a thirdparty 207, such as a distributor or shipper of goods; a fourth party209, such as a clearinghouse for approval of members and interactionwith the banking networks and shipper networks; and a fifth party 211,such as a financial institution. Although the various parties areillustrated as separate entities, one or more of the parties/entitiesmay be combined (e.g., the financial institution, the clearinghouse, andthe shipper of goods may be one party/entity). Of course, thetransaction could just as easily involve services and either more orless parties than those illustrated. Each of first, second, third,fourth, and fifth parties 203, 205, 207, 209, and 211, respectively,communicate via an interactive database 213 (also referred to as IDB)(interactive database 1107 in FIG. 11 has similar functionality).Furthermore, the clearinghouse is any database, system, network, orcombination thereof suitably configured to receive or transmit data,communicate with other networks or databases or analyze thequalifications of a member of the present system. Moreover,clearinghouse may be a separate system, incorporated into theinteractive database 213, 1107, incorporated into the shipper system207, 1108 or any combination thereof.

Interactive database 213 provides an on-line database for the variousparties to access to assist in carrying out a transaction. For example,interactive database 213 may be stored on a server (not shown) such thateach party may access interactive database 213 via the Internet. Thatis, each party could access interactive database 213 via a web site foron-line interactive communication. Of course, interactive database 213may be implemented in any number of communication systems, includingwireless communication, packet switched networks (e.g., via an InternetService Provider (ISP)), wired communication, intranet, extranet, andthe like. To further illustrate the variety of communication media thatinteractive database 213 may be implemented in, cellular phones, laptops, palm pilot® technology, modems, and the like may be used. Inaddition, such a web site may be implemented in, for example, differentlanguages or in different countries.

To understand an exemplary method of conducting business using system201, FIG. 2 also illustrates the various steps in a transaction. Firstparty 203 accesses interactive database 213 (e.g., a web page) throughInternet 113 and inputs information in connection with the transaction(step 221). Second party 205 submits a request for product, for example,in connection with the inputted information (step 222). Once a requestfor product is submitted, the request locks out the particular productfrom further selection by another buyer. In this manner, other requestsfor the exact same product will not have access to the locked outrequested information, unless the requested information is subsequentlyreleased, as discussed below. Next, information is routed in connectionwith the request to a clearinghouse for approval, where theclearinghouse accepts or rejects the request (steps 223 and 224). Forexample, the clearinghouse may accept or reject the request based on aprofile of the buyer, credit history of the buyer or inspectioninformation. If the clearinghouse accepts the request, then at least oneof first party 203, second party 205, or third party 207 are notified,for example (step 225). Of course, notification could involve moreparties, less parties, or different parties as well depending on thecontext in which system 201 is used. Alternatively, if the clearinghouserejects the request, then the requested information is released so thatthe requested information is no longer locked out. Once the requestedinformation is no longer locked out, then other parties may request aproduct in connection with such released requested information.

If the clearinghouse accepts the request, the product may then bedelivered to second party 205 (step 226). For example, if second party205 is a buyer of goods, then step 226 would illustrate the delivery ofthe requested product to the buyer. Payment collection is illustrated instep 227, where payment may be due at the time of delivery of therequest (e.g., the product) to the buyer. For example, at least one ofthe clearinghouse or the shipper may request payment from the buyer uponconfirmation of delivery. Payment distribution may involve paying a feeto first party 203, where first party 203 may be a seller (step 228).For example, if fifth party 211 is a financial institution, fourth party209 is a clearinghouse, and third party 207 is a shipper, then thefinancial institution pays the appropriate fee from the buyer's funds toany or all of the other parties involved. Thus, system 201 provides onemethod of transacting business in accordance with an exemplaryembodiment of the present invention.

To better understand the different steps for transacting business overthe Internet using system 201, it is first helpful to analyze the stepsinvolved in gaining access to system 201. For example, as discussedabove, system 201 may be implemented in an extranet environment, whereonly users having predetermined access rights may access and useinteractive database 213. FIG. 3 illustrates a flowchart for obtainingaccess rights to interactive database 213 in accordance with anexemplary embodiment of the present invention. Access rights may not beneeded for viewing some features of interactive database 213; however,predetermined access rights maybe imposed on various parties dependingon the extent of control that is desired. For example, access toinventory, pricing, products, party profiles, and the like may requirepredetermined access rights. However, information on advertising,weather, rules and regulations relevant to the fishing and/or seafoodindustry, Fish & Game, Coast Guard, marine and fishing equipment, andthe like may not require predetermined access rights.

A worldwide membership application having a profile for a buyer and/orseller is submitted (step 301). The profile may include the buyer and/orseller's credit information, system users (e.g., names of users, levelsof security, and persons/entities having access such as controllers,salespersons, buyers, and/or shipping/receiving persons), businessreferences/contacts (e.g., preferred buyers and/or sellers, buyer'scustom purchase order), Hazard Analysis and Critical Control Point(HAACP) Compliance Certificate in accordance with Federal DrugAdministration (FDA) regulations, third party site inspectioninformation, terms and conditions of membership (e.g., informationregarding a designated bank, line of credit, amount/percentage ofinventory for posting, using Certified Insured Freight (CIF)), and feestructure and payment type (e.g., annual fee, percentage of transaction,etc.), among other things.

The submitted membership application goes through an automated or manualapproval process, and is either approved or rejected (steps 303 and305). For example, in step 303, the buyer and/or seller's profile may beverified for completeness and accuracy of information. In addition, thethird party site inspection of parties' facilities may take into accountgovernment health standards, facility efficiency, and the like. If themembership application is not approved in step 305, then the prospectivemember does not gain access rights and another membership applicationmay be submitted. On the other hand, if the membership application isapproved in step 305, then the prospective member is notified (step307). For example, notification may include collecting an annualmembership fee from the prospective member (e.g., the buyer and/or theseller), issuing at least one “secure” password and/or at least one useraccount, shipping a computer to the new member, and/or scheduling atraining appointment for the customer/new member, among other things.Training may include computer installation, issuance of passwords,assistance with entry of inventory information (e.g., manual inventoryentry, downloading inventory via File Transfer Protocol (FTP), Excel,and/or the like), and/or further customizing the system to the buyerand/or seller's industry (step 309). Thus, once a party obtains accessto interactive database 213, that party may transact business over theInternet using interactive database 213. Ideally, numerous buyers and/orsellers would use interactive database 213 to transact business over theInternet.

With respect to FIG. 4, a method for transacting business between abuyer and a seller using interactive database 213 in accordance with anexemplary embodiment of the present invention is shown. Of course, themethod of FIG. 4 may be implemented for any type of business transactionin any applicable industry depending on the needs of the buyer andseller. In addition, the present invention may support multiple buyers,sellers, financial institutions, and/or various other parties, but ismost often illustrated herein by one buyer and one seller forsimplicity. In addition, a buyer (or other party) may be involved inmultiple transactions simultaneously, as long as the party's profile(e.g., credit, funds, other financial information, etc.) is adequate. Byway of illustration, one embodiment of the method in FIG. 4 may beimplemented in the context of a buyer and a seller in the perishablefood industry such as the seafood industry, for example. For simplicity,exemplary information will be discussed in the context of the seafoodindustry, but is not limited as such. The buyer and/or the seller accessinteractive database 213 (step 401). By way of illustration, a web page601 in accordance with an exemplary embodiment of the present inventionthat the buyer and/or seller may encounter in attempting to accessinteractive database 213 is illustrated in FIG. 6. The buyer and/orseller may be required to have predetermined access rights as discussedabove in order to enter interactive database 213 by way of using a useridentification (I.D.) code, e.g., a user I.D., password, I.D. number,etc.

The seller (S) enters information into interactive database 213, such asinventory including product information, SKU numbers, fresh or frozencharacteristics of the seafood (e.g., fresh may be date stamped), typeof seafood (e.g., species name, Latin, common, colloquial, etc.), salesinformation (e.g., price, quantity, inventory update), buyerinformation, and/or the like (step 403). Additionally, the seller mayupdate/change certain passwords and levels of access, identify/updateexisting buyers, access information on weather, rules and regulationsrelevant to the fishing and/or seafood industry, Fish & Game, CoastGuard, marine and fishing equipment, run reports for accounting,inventory, and/or sales, and the like. In this way, product informationand changes are in substantially real-time and sales may take place 24hours a day and 7 seven days a week, thereby allowing all parties tohave access to the continuously changing information as the changes aremade. Also, the interactive database may mirror the seller's SKUnumbers, for example, in order to facilitate integration andcommunication. In addition, the buyer (B) may update/change certainpassword information, levels of access, existing sellers, and/or FreightOn Board (FOB) points/locations, customize purchase order information,run reports for accounting, inventory, and/or sales, and/or the like,for example. Step 403 may occur continuously and simultaneously inaccordance with the other method steps in FIG. 4.

The buyer having a buyer profile may search interactive database 213using various search criteria, such as price, quantity, fresh or frozencharacteristics of the seafood, packaging, and/or type or species ofseafood, for example (step 405). In addition, the buyer may identifyexisting sellers. The buyer may also select one or more products,including species, quantity, price, fresh/frozen, packaging, and thelike, and confirm the selection(s). For example, confirmation may be inthe buyer's country currency, and include product cost, freight, CIF,tariffs, duties, and/or transaction fees. For example, FIG. 7illustrates a web page 701 in accordance with an exemplary embodiment ofthe present invention, where the buyer may enter the type of seafooddesired (e.g., fresh water), make an individual selection (e.g.,oysters) or multiple selections (e.g., shell fish), and purchase thedesired seafood. In addition, interactive database 213 may have thecapability of shipping to multiple FOB sites via different modes oftransportation, so that the buyer may select various drop shippingpoints. Also, the buyer may rely on previously selected FOB sites, whereinteractive database 213 may re-count such information.

Also, by way of illustration, a web page 801 in accordance with anexemplary embodiment of the present invention that the buyer and/orseller may encounter in selecting one or more products is illustrated inFIG. 8. Web page 801 identifies the buyer as “Sam Flying Fish Co.” anddisplays various seafood items that the buyer has selected to purchase,including the product, size, packaging (e.g., fresh/frozen), quality,origin, label, quantity, and price per pound, for example. Of course, asdiscussed above, the exemplary embodiments are illustrated in thecontext of the seafood industry; as such, various informationillustrated herein would be different or varied in other industriesdepending on the various needs of that specific industry. In thisexemplary embodiment, confirming the choice may include adding dropshipping points, where interactive database 213 stores worldwide FOBinformation in connection with the buyer. For example, the buyer mayhave multiple business locations or sell to customers having multiplebusiness locations. In addition, the price may be confirmed includingproduct fee, freight fee, and transaction fee in the specified country'scurrency. A web page 901 in FIG. 9 further illustrates such purchaseorder, shipping, and fee information in accordance with an exemplaryembodiment of the present invention. For example, web page 901 displaysthe product, size, packaging, quality, origin, label, quantity inpounds, price per pound, freight price per pound, total prices, totalsale price, shipping information, payment options, order date, anddelivery date. Of course, various other information may also oralternatively be displayed depending on the industry and/or use forwhich interactive database 213 is implemented: Optionally, in order tofurther provide a secure environment, interactive database 213 mayrequire confirmation of the buyer's personal identification (I.D.)number, for example.

In step 407, once the buyer confirms the selection (i.e., buys theproduct), then interactive database 213 confirms the purchase by placinga hold on the product in accordance with the information confirmed instep 405 above. Placing a hold on the product/inventory removes it fromthe inventory available for sale. By way of illustration, in FIG. 10, anexemplary web page 1001 illustrates inventory that has been updated toreflect the buyer's confirmed choice for purchase in FIG. 9. In thisway, the inventory placed on hold reflects the confirmed choice made inthe exemplary web page in FIG. 9. At this point, interactive database213 transmits the order information to a clearinghouse. The orderinformation may include the buyer, species purchased, quantity, price,packaging, destination of order, and/or the seller, among otherinformation. In addition, in step 407, the clearinghouse transmitsinformation to at least one of the buyer's bank, the buyer, and theseller. For example, the buyer's bank may be in the buyer's country oforigin, where the bank checks the buyer's designated account andverifies the buyer's available credit in accordance with the buyer'sorder. The buyer and/or seller may receive information includingconfirmation (e.g., via electronic mail) from the clearinghouse, pendingorder information, species, quantity, price, packaging, shippinginformation (e.g., destination, projected ship date), and the like.

The seller is contractually obligated not to sell inventory inconnection with the buyer's order that is posted in the interactivedatabase when the interactive database places a hold on the inventorylisted in the buyer's order (step 409). In this way, the product inconnection with the buyer's order will not be available for sale toother buyers/parties. Next, a determination is made as to whether thebuyer's credit is approved (step 411). The various information forapproving the buyer's credit may include credit history, current creditlimit, any outstanding account issues, recouping of payment, and thelike. For example, the determination regarding the buyer's credit may bemade via a shipper financial institution, e.g., a bank. As such, theshipper financial institution may notify the clearinghouse that thebuyer's credit is approved (step 413). For example, the variousnotifications could be via electronic mail, fax, telephone, otherelectronic methods, mail, or the like. In addition, notification mayinclude information regarding the product sold, the amount of theproduct (e.g., number of pounds of seafood), price of the product, thedate and time of the sale, the projected ship date, and the like. If thebuyer's credit is approved, then the clearinghouse directs the shipperfinancial institution (e.g., bank) to place a hold on the buyer'saccount (e.g., funds) in accordance with the buyer's order. As such,placing a hold on the buyer's account and/or funds reduces liability andother complications for the parties awaiting payment (e.g., the seller,the shipper, and/or interactive database 213), because the funds may beguaranteed by the financial institution (e.g., an insured bank).Moreover, the shipper financial institution may be one or more nationaland/or international banks that may expedite transfer of funds, so thatthe complexities of using international currency may be addressed byusing interactive database 213. On the other hand, if the buyer's creditis not approved, then the hold placed on the inventory and/or thebuyer's account (e.g., funds, credit, etc.) is released so that otherbuyers may request the released inventory (step 415). In addition, thebuyer may resume searching interactive database 213 in order to attemptanother transaction.

The method of FIG. 4 continues in FIG. 5 further illustrating the methodfor transacting business between the buyer and the seller usinginteractive database 213 in accordance with an exemplary embodiment ofthe present invention. Assuming that the buyer's credit is approved, sothat the clearinghouse is notified in step 413, the clearinghousenotifies at least one of the buyer, seller, shipper, interactivedatabase 213, and the inspector for the CIF of the approved buyer'sorder information (step 517). Of course, notifying at least one of thebuyer, the seller, or the shipper may also include specifying pickup anddelivery terms for the shipper (e.g., product, seller's address,packaging, buyer's information such as address and/or drop shipmentpoints, and the like); confirming purchase terms for the buyer and/orseller (e.g., product, cost, projected shipment date, etc.); andnotifyng the inspector for CIF to inspect the product to be shipped. Forexample, the shipper may include a major transporter for air, sea,and/or land (e.g., Federal Express^(SM) and/or United ParcelService^(SM)), so that more efficient worldwide transport of the productmay be available. Further, the shipper may provide CIF to help insure aquality product to the buyer. At the same time, shipping via CIF reducesliability and other complications for the other parties (e.g., theseller, interactive database host, etc.), such that most defects withrespect to the shipment will be covered by insurance. Step 517 may alsoinclude interactive database 213 confirming the transaction andconfirming the hold on the buyer's funds at the buyer's bank, andfurther notifyng the buyer, seller, and/or shipper of the projecteddelivery terms (e.g., product, cost, delivery date, etc.). In oneembodiment of the present invention, notifying at least one of thebuyer, the seller, or the shipper occurs essentially instantaneously.

Interactive database 213 creates an invoice, such as a numbered invoicefor a transaction fee, and the seller creates an internal accounting ofthe transaction (e.g., record, bill of material, such as species,weight, and/or packaging) and prepares the product for shipment (e.g.,in accordance with interactive database's 213 specifications andmaterials packaging) in step 519. Once the product is ready fordelivery, the inspector for CIF is notified of the upcoming inspectionand/or projected shipment date and inspects the shipment (step 521). Inaddition, the shipper creates a bill of lading, the material ispicked-up for delivery to the buyer, and the seller creates an internalaccounting (e.g., accounts receivable). By way of illustration, in thepast, delivery of payment may have been within 30-120 days from creationof an account receivable, whereas, in accordance with an exemplaryembodiment of the present invention, payment may be within about 24-48hours from creation of the account receivable. Of course, payment may befaster or slower depending on the technology available for transfer offunds, for example. The seller may reduce inventory, begin ordertracking, and the like.

The shipper delivers the product to the buyer (e.g., could be atmultiple drop points) within a specified period of time (e.g., 24-48hours) in step 523. Depending on the terms and conditions of the buyer'smembership terms, the product is delivered within a specified time tothe requested destination. For example, a buyer may require shipment ofthe product within 24 to 48 hours from the time the order was placed. Ofcourse the specified time and the requested destination may vary foreach buyer depending on the terms and conditions of the buyer'smembership terms or some other specified means. In addition, one buyermay have more than one variation of time and destination terms dependingon the extent of the buyer's business needs. At this point, the buyermay accept the product (e.g., sign the bill of lading). Once thetransaction is complete, the shipper notifies the clearinghouse. Theclearinghouse notifies the buyer's bank to indicate that the transactionis complete (step 525). As discussed above, once the buyer's bank isnotified, the buyer's bank may release the buyer's funds, deposit thefunds in the shipper's financial institution (e.g., in the buyer'scountry of residence), and restore the buyer's credit information. Forexample, depending on the terms and conditions of various agreementsbetween the financial institution and the interactive database host, thepayments may be made in real time or alternatively within a specifiedtimeline. At this point, the buyer's bank notifies the clearinghousethat the funds transfer is complete.

Finally, the clearinghouse directs the shipper's financial institutionto send payment to at least one of the seller, the shipper, andinteractive database 213, in their respective countries of origin (step527). Once again payment may be within about 24-48 hours from creationof the account receivable. Once interactive database 213 receivespayment, interactive database processes the payment (e.g., credits theinvoice/transaction fee) and the relevant inventory is deleted from thehold inventory leaving only transactions not completed. Once thetransaction between the buyer and the seller is completed, the buyer mayeither exit access to interactive database 213 or proceed with anothertransaction. Of course, one or more parties may access interactivedatabase 213 at any time having real-time access to relevantinformation. FIGS. 4 and 5 provide an exemplary embodiment of a methodof the present invention for transacting business between a buyer and aseller. Of course, the method may involve multiple buyers, sellers,and/or various other parties. In addition, the various steps are notillustrated in order, but rather provide one exemplary embodiment of oneexemplary transaction between a buyer and a seller.

Referring now to FIG. 11, a system 1101 illustrates an exemplarytransaction between a seller 1103 and a buyer 1105 using an interactivedatabase 1107 in accordance with an exemplary embodiment of the presentinvention. Of course, the buyer and/or seller may be from variouscountries worldwide, and additionally, there may be one or more buyers,sellers, and/or other parties/entities involved in various transactions.Different aspects of the transaction between seller 1103 and buyer 1105are illustrated in various method steps. Seller 1103 posts inventory byinputting information into interactive database 1107, where interactivedatabase 1107 may be part of an extranet (step 1121), as describedabove. Buyer 1105 selects and submits a request to purchase one or moreproducts via interactive database 1107 (step 1122). Once buyer 1105selects and confirms purchase of one or more products, the specifiedinventory is locked-out (i.e., placed on hold). A shipper 1108 system(e.g., an international shipper, such as Federal Express^(SM), UnitedParcel Service^(SM), and/or the like) may include a clearinghouse 1109system and/or one or more bank 1111 systems that associate with shipper1108 system.

The clearinghouse 1109 may either approve or reject buyer's 1105prospective purchase (step 1123). If clearinghouse 1109 approves theprospective purchase, a hold maybe placed on buyer's 1105 funds inbuyer's bank (e.g., a Mexican bank, for example) in step 1124.Alternatively, if clearinghouse 1109 rejects buyer's 1105 prospectivepurchase, then the locked-out inventory is released. Once the locked-outinventory is released, other buyers/parties may select and/or purchasethe specified inventory. Seller i 103 ships the product(s) via shipper1108 to buyer 1105 (step 1125). Buyer 1105 accepts the product(s) (e.g.,accepts the delivery and/or signs for the delivery) in step 1126.Optionally, clearinghouse 1109 directs bank 1113 to obtain the moneyfrom buyer's bank in Mexico and directs bank 1115 to make payment to theseller 1103 in the seller's country of origin (e.g., USA). Finally, bank1111 pays interactive database 1107 and shipper 1108 in order tocomplete the transaction (step 1128). System 1101 is alternativelyillustrated in a process flow diagram 1201 in FIG. 12 in accordance withan exemplary embodiment of the present invention. Process flow diagram1201 illustrates various parties on the x-axis and time/sequence on they-axis, where the various arrows correlate to the method steps of FIG.11.

Thus, the present invention allows for substantially real-time exchangeof information between parties. Of course, the present invention mayalso be implemented using existing bulletin boards, auctions, knownmultiple buyer and/or seller procurement systems (e.g., via theInternet), and the like. Although the invention has been describedherein with reference to the appended drawing figures, it will beappreciated that the scope of the invention is not so limited. Variousmodifications in the design and implementation of various components andmethod steps discussed herein may be made without departing from thespirit and scope of the invention, as set forth in the appended claims.

1. A method for facilitating a sales transaction over a computer networkamong a buyer, a merchant and a freight carrier, comprising the stepsof: qualifying, by said freight carrier, at least one buyer and at leastone merchant to participate in said sales transaction facilitated by afreight carrier, wherein said freight carrier is distinct from saidbuyer and said merchant, and said freight carrier is a financialfacilitator between said buyer and said merchant; and wherein qualifyingincludes analyzing merchant qualifying data associated with saidmerchant, wherein said merchant qualifying data includes at least one ofcredit information, system users, business references, Hazard Analysisand Critical Control Point (HAACP) Compliance Certificate, Food and DrugAdministration regulations, site inspection information, designatedbank, amount of inventory for posting, percentage of inventory forposting, Certified Insured Freight (CIF), fee structure and paymenttype; contractually obligating said merchant to refrain from sellinggoods associated with a locked out line item, obligating said merchantto relinquish control of said goods to said freight carrier, andtransferring responsibility of collection of buyer funds to said freightcarrier; receiving information related to establishing a buyer accountcontaining deposited buyer funds at a financial institution which isassociated with said freight carrier; receiving, by said freightcarrier, a buyer account code from said buyer to allow said freightcarrier to effect a hold on at least a portion of said deposited buyerfunds to establish held buyer funds, wherein said buyer account codecorresponds to an account which includes said deposited buyer funds in abuyer account; receiving, by said freight carrier, a merchant accountcode from said merchant to allow said freight carrier to effect thedepositing of said held buyer funds into a merchant account, whereinsaid merchant account code is associated with said merchant account;providing a host database for facilitating on-line display of aplurality of descriptive line items corresponding to, respectively, oneof a plurality of available goods from a plurality of merchants, whereineach of said descriptive line items comprises an identification of aunique good available from a unique one of a plurality of merchants;receiving buyer input data, wherein said buyer input data includes atleast one of price, quantity, fresh characteristics of the perishablegoods, frozen characteristics of the perishable goods, packaging, typeof perishable goods, species of perishable goods, identification of anexisting merchant, drop shipping points, and FOB sites; providing accessof said on-line display by said buyer; receiving selectedidentification, from said buyer, of a particular one of said pluralityof line items for subsequent purchase by buyer; effecting a lock-out ofat least a portion of said identified line item on said on-line displaysuch that at least one of said on-line display indicates unavailabilityof said line item and a portion of said line item is no longerdisplayed; notifying said merchant to remove a unique one of said goodscorresponding to said locked-out line item from one of said merchantsavailable inventory; analyzing buyer's credit; if buyer's credit issatisfactory, directing, by said freight carrier, said financialinstitution to effect a hold on a portion of said deposited buyer fundsequal to a cost of at least one of said goods associated with saididentified line item and a transaction fee to establish held buyer fundsthrough the use of said buyer account code and said selectedidentification, such that said portion of said deposited buyer funds areunavailable for use by said buyer as a result of said hold initiated bysaid freight carrier, notifying a CIF inspector to inspect saidperishable soft goods corresponding to said locked-out line item;receiving said buyer signature on a bill of lading; and closing thetransaction; if buyer's credit is unsatisfactory, effecting an unlock ofsaid identified line item on said on-line display such that saididentified line item is re-displayed for viewing and un-removing saidgoods corresponding to said locked-out line item from availableinventory; wherein said closing the transaction comprises the steps of:effecting the deposit, by said freight carrier, using said merchantaccount code and a tracking code, of a portion of said held buyer fundsinto said merchant account; and, shipping said goods based on saidselected identification and corresponding to said locked-out line itemfrom said merchant to said buyer, via said freight carrier withoutnotifying any third party entity outside of said freight carrier, saidmerchant and said buyer, wherein said freight carrier includes trucksdedicated to said freight carrier and said freight carrier dispatchessaid trucks without coordinating with other entities, wherein saidtrucks are used for shipping said goods.
 2. The method of claim 1,wherein allowing said freight carrier to effect a hold on at least aportion of said buyer funds to establish held buyer funds includeseffecting a hold on said buyer funds equal to an amount of saidtransaction plus an amount of a transaction fee.
 3. The method of claim1, wherein providing a host database for facilitating on-line display ofa plurality of line items corresponding to available goods from aplurality of merchants includes a plurality of line items correspondingto available goods from a plurality of merchants in a similar industry.4. The method of claim 1, wherein providing a host database forfacilitating on-line display of a plurality of line items furtherincludes on-line display of industry-specific information.
 5. The methodof claim 1, wherein allowing said freight carrier to effect a hold on atleast a portion of said buyer funds to establish held buyer fundsincludes said freight carrier having a pre-existing relationship with afinancial institution which maintains said buyer account.
 6. The methodof claim 1, wherein effecting the deposit, by said freight carrier,using said merchant account code, of said held buyer funds into saidmerchant account includes said freight carrier having a pre-existingrelationship with a financial institution which maintains said merchantaccount.
 7. The method of claim 1, wherein a first financial institutionassociated with said buyer account and a second financial institutionassociated with said merchant account originate in different countries.8. The method of claim 1, further comprising notifying at least one ofsaid shipper, said buyer, and said merchant in substantially real-timeof at least one of analyzing buyer's credit and closing the transaction.9. The method of claim 1, wherein said providing a host database forfacilitating on-line display of a plurality of line items correspondingto available goods from a plurality of merchants includes line itemscorresponding to seafood.
 10. The method of claim 1, wherein themerchant may enter information into said host database at least one ofproduct information, SKU numbers, fresh or frozen characteristics of theseafood, type of seafood, sales information, and buyer information. 11.The method of claim 1, wherein said freight carrier has a pre-existingrelationship with an international network of financial institutions indifferent countries
 12. The method of claim 1, wherein said freightcarrier facilitates, for said buyer and said merchant, at least one offreight insurance services, custom services, tariffs services, dutiesservices, language services, currency services, shipping services atmultiple drop points, transaction fee services, clearinghouse services,tracking of goods services, and establishing terms of sale.
 13. Themethod of claim 1, wherein said line items include at least one ofproduct, size, packaging, quality, origin, quantity, SKU and price perpound.
 14. The method of claim 1, further including receiving merchantsales data from said merchant, wherein said merchant sales data includesat least one of inventory information, product information, SKU numbers,fresh characteristics of said perishable goods, frozen characteristicsof said perishable goods, type of said perishable goods, species name,sales information and buyer information.
 15. The method of claim 1,wherein analyzing said buyer's credit includes analyzing said buyer'scredit based upon at least one of said buyer's pre-existing profile andcredit information within a database of said freight carrier, whereinsaid buyer's profile includes buyer order history information and buyerinspection information.
 16. The method of claim 1, further includingtransmitting an email notification to said buyer and said merchantregarding said held buyer funds.
 17. The method of claim 1, furtherincluding creating an invoice including at least one of a bill ofmaterial and a bill of lading.
 18. The method of claim 1, furtherincluding effecting the deposit of a portion of said held buyer fundsinto an account related to said freight carrier representing atransaction fee.
 19. The method of claim 1, wherein shipping said goodsincludes shipping said goods at a previously selected FOB siteassociated with said buyer.
 20. The method of claim 1, wherein saidgoods include perishable soft goods having a limited shelf life.